Wednesday, April 22, 2020

30A – Final Reflection


1) Throughout this semester, I encountered many problems at first. Getting adapted to the format, organizing myself, and overall getting myself out there.
2) What sticks out to you as the most formative experience?
The most formative experience was definitively learning to be consistent and organized with my assignments.
The experience that you'll remember years later?
The experience that I will remember for years would be the interviews, getting to know people’s opinions and feedback is something that will always stick with me.
What was your most joyous experience?
My most joyous experience was the planning of my venture and seeing what good ideas and feedback I would receive from the people around me
What experience are you most proud of yourself for accomplishing?
My most proud experience was the making of the elevator pitch. At first, I was very hesitant and camera shy but after a couple of tries, I would say it came out very well!
3) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. Now, in the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?
I learned a lot about having an entrepreneurial mindset and looking for opportunities where others might not see them. This class helped me sharpen my skills in order to better develop this mindset.
4) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?
My recommendations would be to trust in yourself, do as much research as possible about a product or service that might interest you, and dedicate the appropriate amount of time to develop a goal path.



29A- Venture Concept No.2


Opportunity

As we continue to progress and develop new ways of fulfilling customers’ needs many opportunities are created. I have seen this need unmet throughout my years, as the world becomes more and more reliable on technology many people feel left out or lost by how quickly everything can change. The consumer market my service seeks to cater to are mainly individuals of an older generation, think about your parents or grandparents, since we all know someone who is not so fond of technology the place of implementation of this service can be anywhere. In order to succeed on a beta test for this service, it preferable to execute it on a community that has a large number of senior individuals. Furthermore, after speaking to potential customers about such service they said their needs were mostly met by family members or friends, those who if had the time would help them with their technology problems. These customers have not found such services in their areas that might satisfy their needs. I believe this is a big opportunity because it does not seem to be any other type of service that can be implemented in such a way now. However, the window of opportunity for this kind of service will not particularly last for many years due to how companies are trying to adapt towards customers, I can see Best Buy trying to offer such kind of service in the next few years.

Innovation.

This innovation consists of a service that will relieve the customer of technological burdens. It works by listening to the customer's issues or problems. For example when someone does not know how to transfer pictures from camera to computer, or when someone needs help setting up a server. The range of needs are categorized by three categories: 

These three categories would be in accordance with our team of experts which will be evaluated to see if they can be suitable for the job based on their skills.

Simple
consists of a problem that can be solved by our level 1 expert, which addresses any simple remote task such as Wi-Fi troubleshooting, email/account setup, printer problems. (15h)

Complex
            Consists of problems that require a much lengthier time investment (2-6h), which addresses computer virus removal, reset, multiple device set-ups. ($30h)

Expert
            Consists of much more complex problems that require an expert on the subject, such as server maintenance, smart home installations, and upkeep. ($40h, min 2h)

Venture Concept

This business Idea will help all those customers that heavily rely on technology but unfortunately can’t comprehend it to its full extent. It will solve the problem of those who either do not have time to spend or have trouble with technology at this moment. I believe my customers will need this service because it fulfills a gap left, that is the generation that has had to deal with technology at a much faster pace. My possible competitors would be Best Buy, Target, or Office Max maybe. My business would rely mostly on customer support centers, with individual experts on their fields and on-call technicians. This business can be started with a relatively short amount of people, It can be started by myself going door to door and then expanding to be able to accommodate my technicians and staff. The ideal amount of staff would be around 8 or more people, 3 customer service representatives that can be outsourced, 3-6 technicians, myself, and a manager. The company should also develop a set of policies to ensure customer satisfaction and good care of the products.

Three minor elements

My most important resource will be our customer service, the personalized attention and focus we give to our customers will be one of the best, something to be proud of. This will be relatively hard to copy because of the team commitment I seek to develop within my business.

My next step for the venture would be expansion. If we are able to solve customers’ needs in a particular area, we can study and analyze opportunities to expand and assist other cities that have this need.

Getting the degree of technicians qualified throughout specific programs that can help asses the different degree of problems that they make encounter in the field.

Assuming this entrepreneurial pursuit goes well I would like to have a business that grows into a national chain, being recognized by every household and assisting those who need it the most. It is no easy work but with the right team and focus on the project, I can see it as achievable

2) Feedback Received
The feedback I received was very well, it helped me understand that there are many more ways to implement m business and that there can be a lot of technicalities to fix first.
               I liked reading your post. You did a good job of relating what the opportunity is and how your business can solve the problem for most people. I think you also did well on creating your cost per hour. It seems that it would be hard to get an expert on every type of technology, but that is why this is your idea and not mine. Good job!
“If you are trying to repair someone's computer and cannot, they might try to state that you broke it to begin with.

3) based on my feedback I seek to further analyze the possibilities of this venture, within its liabilities. In order to have a successful company we need to implement good personnel training and policies that can help this venture launch successfully


4)

Tuesday, April 14, 2020

28A- Your Exit Strategy

Exit Strategy

1) Identify the exit strategy you plan to make.

For my business idea of developing a service that can help troubleshoot and solve device problems mainly for the elderly I believe my exit strategy would be to stay in such business for at least a decade. This is a service that grows along side technology and I like to think that the business in particular can grow to a prime stage in more than 5 years. This business is intended to be sold at a big mark up in order to give more space to other ideas in the future.

2) Why have you selected this particular exit strategy?
I have selected this particular strategy because of the time this business idea can take to grow. It is not a quick and easy business to grow so in order to receive the best offers this business has to grow for longer than 4 years.

3) How do you think your exit strategy has influenced the other decisions you've made in your concept?
This exist strategy has influenced a lot on my growth process, it allows myself and my business more time to grow. This will give me more capital to invest and more opportunities to perfect my business throughout the years.

27A- Reading Reflection No.3


Innovation and Entrepreneurship, Peter Drucker

1) What was the general theme or argument of the book? The general theme of this books relies on how to grow as an entrepreneur, I liked reading this book because it highlights different stages of entrepreneurial practices. It opens up to show the reader how to analyze opportunities, invest in those opportunities, and find good strategies to keep innovating 2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003? This book connects well with this class because it shows the need for innovation in society. It highlights how to know a market, find a niche, and try to be the leader in the segment you chose to develop your business. 3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve? If I had to design an exercise for this class based on the book it would consist of developing “innovative” ideas for an exciting company in order to help it grow and evade bankruptcy. It would be a change in the industry structure in order to stay in the market For example: How to save a struggling mom and pop swimsuit store in the middle of a pandemic? Change production to creating face masks to adjust to market needs. 4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations? My biggest take away from reading this book was how to apply innovation. Drucker helps the reader realize that innovation can start small, should be systematic and you should always try to be a good leader. A great emphasis that he also makes is that failure demands for you to listen, it should always be taken as an opportunity rather than a mistake

26A- Celebrating Failure

Celebrating Failure
Drop shipping 


In order to better understand what failure im celebrating I will start with describing what drop shipping is. Drop shipping is a fulfillment method in which the store does not keep inventory in stock, rather it purchases them from third party seller and have them shipped directly to a a customers home or business.

1) Over this past year I have a had a lot of entrepreneurial ideas. One of them has been the concept to open an online store. I chose the drop ship model because of how relatively inexpensive it is to start. However, that was mistake number one. The money needed to start such a business relies mostly on services, ads & software needed to keep up everything up and running. The mistakes I made were numerous besides a money pit, these include.
  • Subscription to Shopify with a domain - This is a mistake because you do not necessarily need to buy a domain on top of the service being provided. I tried to make my website look as profesional as possible but this meant I had less money for other resources
  • Drop shipping Chinese products- This is another mistake I believe I made because people usually want their products as soon as possible. When doing this method my sales were incredible lower and a lot of people complained about the time it took to arrive.
  • Spending unnecessary amount of money on facebook ads- This is probably one of the biggest mistakes made. If you do not do your research well and know how to use facebook ads the money will disappear very quickly without any return on investments.
  • Not dedicating enough time or organization- To have a successful model of drop shipping a person has to constantly monitor and keep track of items to sell. I believe my mistake here was due to not splitting  my time correctly between work classes and the project.

2) Learning experience
The best learning experience I got from this was to do your research. This means a lot of research. One of the things that also stuck the most was time management and a good plan. Throughout this year I have been on and off with this idea, it is not simple task but learning and trying multiple methods have definitively helped on getting some progress done.

3) Failure is very hard, it can bring you down and make you want to quit everything. It is very difficult to accept failure when you believe you have done everything right, but that does not mean to give up. There were many times that I felt frustrated and incapacitated to continue with this project because of the amount of mistakes you make. This class has helped me look at failure in a more reflective and positive way, it has shown me that you have to fail many times in order to succeed. I believe I am more capable of taking risks now because of the current situation of the pandemic, giving me more time to organize and hopefully do better in the future.

Thursday, April 9, 2020

25A- What’s Next

What’s Next

Existing Market

For the next steps of my business idea I would like to incorporate partners and expand into bigger markets, offering tech solutions to a wide variety of individuals and hopefully businesses.

Interviews

Interview 1: After asking for advice into how to grow my venture this person suggested focusing on my current clients. He advised me not to rush into expansion so quickly because it can leave cracks into how my business operates, his advice focused on customer loyalty.

Interview 2: This person is a young entrepreneur, his advice consisted on planning very well who my team would be. He suggested to open the possibilities of extreme marketing in order to get my business idea out.

Interview 3: This individual manages a  lot of employees, he advised me agains hiring a lot of people due to being capitalism intense and unnecessary at these stages of the project. In order to scale big he advise to start small as well and try to do as much by myself.

I can see a great future in this company assisting everyone who might need a little help using technology and understanding it. The plan is to develop long lasting relationships with customer and cater to their needs.

New Market

A new market to approach would be that of the home service repair market. I believe that my business idea can connect well enough to provide a lot of assistance in many different areas. I believe that after having a good loyal customer base this option can allow to more than just simple home troubleshooting but rather giving opportunity to a much bigger sector, that being of in home repairs for phones,laptops, tablets.

Interview 1: This person advised me against in home repairs due to the liability problems, they said that it can be quite difficult for customers to request a repair rather than buying a new device.

Interview2 : This person actually liked my business idea and suggested that I should recruit personnel that can deal with a small quantity of repairs, as in to try the model to see if it can be applicable.

Reflection
I learned that in this new market there can be quite a lot of competition, for device repairs and troubleshoot there is a very big amount of companies already established. This new market does not seem as attractive but it can be a good expansion, however I believe that the service I wish to provide has relatively low competition increasing my chances of growing.


24A- Venture Concept No.1




Opportunity

As we continue to progress and develop new ways of fulfilling customers needs many opportunities are created. I have seen this need unmet throughout my years, as the world becomes more and more reliable on technology many people feel left out or lost by how quickly everything can change. The consumer market my service seeks to cater to are mainly individuals of an older generation, think about your parents or grandparents, since we all know someone who is not so fond of technology the place of implementation of this service can be anywhere. In order to succeed on a beta test for this service, it preferable to execute it on a  community who has a large amount of senior individuals. Furthermore, after speaking to potential customers about such service they said their needs were mostly met by family members or friends, those who if had the time would help them with their technology problems. These customers have not found such services in their particular areas that might satisfy their needs. I believe this is a big opportunity because it does not seem to be any other type of service that can be implemented in such way at the moment. However, the window of opportunity for this kind of service will not particularly last for many years due to how companies are trying to adapt towards customers, I can see Best Buy trying to offer such kind of service in the next few years.

Innovation.

This innovation consists of a service that will relieve the customer of technological burdens. It works by listening to the customers particular issue or problem. In example when someone does not know how to transfer pictures from camera to computer, or when someone needs help setting up a server. The range of needs are categorized by  three categories: 

Simple
consists of a problem that can be solve by our level 1 expert, which addresses any simple remote task such as wifi troubleshooting, email/account setup, printer problems.(15h)

Complex
            Consists of problems that require a much lengthier time investment (2-6h), which addresses computer virus removal, reset, multiple device set-ups.($30h)

Expert
            Consists of much more complex problems that requires an expert on the subject, such as server maintenance, smart home installations and upkeep.($40h, min 2h)

Venture Concept

This business Idea will help all those customers that heavily rely on technology but unfortunately can’t comprehend it to its full extent. It  will solve the problem of those who either do not have time to spend or have trouble with technology at this moment. I believe my customers will need this service because it fulfills a gap left, that  is the generation that has had to deal with technology at a much faster pace. My possible competitors would be Best Buy, Target or Office Max maybe. My business would rely mostly on customer support centers, with individual experts on their fields and on call technicians. This business can be started with relatively short amount of people, It can be started by myself going door to door and then expanding to be able to accommodate my technicians and staff. The ideal amount of staff would be around 8 or more  people, 3 customer service representatives that can be outsourced, 3-6 technicians, myself and a manager.

Three minor elements

My most important resource will be our customer service, the personalized attention and focus we give to our customers will be one of the best, something to be proud off. This will be relatively hard to copy because of the team commitment I seek to develop within my business.

My next step for the venture would be expansion. If we are able to solve customers needs in a particular are we can study and analyze opportunities to expand and assist other cities that have this need.

Assuming this entrepreneurial pursuit goes well I would like to have a business that grows into a national chain, being recognized by every household and assisting those who need it the most. It is no easy work but with the right team and focus on the project, I can see it as achievable

23A -Your Ventures Unfair Advantage

  • Resources
    • Services can be appeal to most age groups
      • Valuable- will eliminate a hazle 
      • Rare- Not seen any similar service
      • Inimitable- easy 
      • Non-substitutable- only service catering to these specific problem
    • Ability to attract customer base
      • Valuable-More customer, better
      • Rare- yes
      • Inimitable- slightly
      • Non-substiituable- Its methods can be substitutable 
    • Website design
      • Valuable- Easy access to service through web/call
      • Rare- somewhat
      • Inimitable- yes
      • Non-substitutable- maybe easy model to copy
    • Good social capital in the area
      • Valuable- knowledge of the intended demographic
      • Rare- yes
      • Inimitable- Hard to have the same contact
      • Non-substitutable- unable to substitute
    • Grants/ Loans to start business
      • Valuable- extremely
      • Rare- not too rare
      • Inimitable- can be easily done
      • Non-substitutable- cannot be substituted
    • Franchising capabilities
      • Valuable- yes, some projects are hard to scale
      • Rare- somewhat
      • Inimitable - no
      • Non-substitutable - business model can be adjusted and substituted
    • Charisma
      • Valuable- yes
      • Rare- can be rare
      • Inimitable -Yes
      • Non-substitutable - yes it can be
    • Computer knowledge
      • Valuable- yes
      • Rare- no
      • Inimitable- no
      • Non-subsitutable- no
    • Mentorship
      • Valuable - Yes
      • Rare- yes
      • Inimitable- definitively
      • Non-substitutable- it is not

    • Devotion to customer care
      • Valuable - yes, very important
      • Rare - It can be
      • Inimitable - no
      • Non-substitutable
  • I believe my biggest resource would be how this business model can work with most age groups. To provide a solution solving service can be great for the community and word can spread fast, meaning fast scalability once we reach our targeted customer base, the hard part would definitively be attracting the customer first, but once they enjoy our service I believe the retention rate will be steady.

Friday, April 3, 2020

22A- Elevator Pitch No.3

1) The pitch. 



2) A reflection on the feedback you received from your last pitch. 
After showing my previous pitch I received a lot of good feedback. I was told to stand straight and try to be more friendly and excited.

3) What did you change, based on the feedback?
This time I made more eye contact with the camera. My position was better and I was able to more fluently say my pitch. This time I tried to be more friendly towards the camera and feel more relaxed, both which I do think I did better than my previous pitches.

Thursday, April 2, 2020

21 A-Reading Reflection No.2


·        How to Fail at Almost Everything and Still Win Big, Scott Adams
1) What was the general theme or argument of the book?
·       The general theme of this book describes how many failures in life can evidently lead to success. This book describes many different ways of personal growth and development as to not focus so much on ‘goals’ in order to succeed. The author's view on the world and how many people have failed many times helps the reader connect and explore the options that he gives us.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
·       The book does definitively connect with the class. The author Scott Adams was someone who failed multiple times in life, his endeavors, and many jobs eventually led him to where he is at. The author describes that goals are not necessarily the best approach because you are fixed on a certain outcome, and even though you might reach it, it can be a long way before any sense of rewards. The use of systems can help me better organize my daily life. With the use of these systems, I could do the blog posts as soon as they open up, that way I won’t feel the burden of freaking out and having many assignments due.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
·       My exercise in for this class would be to focus on someone successful, then retrace their steps. Not everyone has a straight path towards success and many times is a big combination of factors. Using Adams view we can see that failure cannot be avoided, it is about consistency and balance
4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?
·       My biggest ‘aha’ moment was the positive way in which the Author Adam Scott sees the world after many failures. His life is filled with incredible ups and downs, it shocked me to read how many failed attempts he had gone through. His view on the way he sees as ‘goals’ being, not the right approach was a big ‘aha’ moment, I particularly enjoyed how he demonstrates and explains the use of systems in order to improve our odds of succeeding.